Real Time Number Tracking
I’ll call him “Tom”. Tom owns a 7-figure e-commerce company. He sells a number of products on various websites. He has been in business for over 5 years and by all appearances is a success.
Tom called me when he was experiencing crazy growth and wanted to get a handle on things before it got out of control. After a short conversation, it was clear that Tom had some major issues in his company regarding his accounting.
He did not have real time tracking of this money
He had no systems in place to track his inventory
He was 2 years behind in taxes
We meet a lot of entrepreneurs like Tom and we get it.
As an entrepreneur you want to focus on what you are good at. You want to sell, market, create, service and grow your business. But as an entrepreneur, it is your company and your money. If you aren’t tracking your money in real time, you can quickly run out of money!
What does real time tracking of your numbers look like?
Daily / Weekly coding all bank transactions in an accounting software
Daily / Weekly syncing your bank to your accounting software to verify balances
Daily / Weekly knowing what money is due to you, your Accounts Receivable
Daily / Weekly knowing what money you owe others, your Accounts Payable
Daily / Weekly paying your bills
Daily / Weekly invoicing your clients
Monthly reconciliation of all bank and credit card accounts
If you as the owner don’t want to perform these tasks (and I’d argue you shouldn’t be doing them) add someone to your team that can complete these tasks. You can outsource the bookkeeping to a firm, outsource to a Virtual Assistant, or hire an employee.